...S&P Global Ratings assigned its '##' rating and stable outlook to the city of Austin, Texas' series 2017 water and wastewater system revenue refunding bonds. In addition, S&P Global Ratings affirmed its '##' rating on the water and wastewater system's, doing business as Austin Water Utility (AWU), separate lien water and wastewater revenue bonds outstanding, and its '##+' rating on the prior first-lien combined electric, water, and wastewater revenue bonds. The water utility is also supporting two series of 2011 special assessment revenue bonds that S&P Global Ratings rated two notches below the utility's separate lien, due to both the subordination and the appropriation risk if the city has to step up to fund them. The special assessment bonds are related to developments along the eastern periphery of the Austin metropolitan statistical area (MSA), near state highway 130; we understand that infrastructure for the initial phases of both projects are in place and development has started....
